While you may not be able to take one home from a dealership yet, electric pickup trucks are coming in droves. Names like Rivian, Tesla, GMC and Ford have already staked their claims in the segment with upcoming models, drawing quite a bit of market attention along the way. Not ones to be left out of the Wall Street fun, Lordstown Motors have officially gone public before the release of their Endurance pickup.
The company began publicly trading last week following a reverse merger with the special purpose acquisition company DiamondPeak Holdings Corp. According to CNBC, the company initially saw a 20 percent surge following their debut on the Nasdaq, with stocks reaching a peak price of $21.75 that day. However, that number has dwindled over the course of the last week, with the stock sitting at $13.07 at the time this article was written. The trend of a large spike followed by a prolonged trailing off is not an uncommon trend with other SPAC investments. That said, the market hasn’t been kind to any electric vehicle manufacturer this week, as the pandemic’s growth continues to threaten the economy as a whole.
Regardless of how their stock is performing today, Lordstown Motors found another reason to be in the news. Taking a page out of the Tesla Cybertruck handbook, the Lordstown Motors Endurance has just squared off against a Ford F-150 in a tug-of-war. You may recall the social media storm that Tesla started when they tried to pull a fast one over everyone with this stunt before, but the Lordstown test appears to be a little more legit. The video uploaded by the automaker shows the two trucks strapped together on some wet grass, before a countdown is given. When the action starts, the EV simply drags the screaming F-150 like it was nothing.
There are plenty of reasons why this type of test is dumb, as plenty of comedic YouTube clips can show you. In the end, Neil de Grasse Tyson explained it best. The weight distribution of an electric vehicle almost guarantees it will beat a traditional pickup in this sort of test, as an unloaded truck has little weight over the rear axles. Without weight in the back, the truck loses the traction battle before its engine ever plays a role. We hope that they decide to run it back when the electric F-150 makes its debut.